Gray Television Correlations

GTN Stock

USD 3.36 0.11 3.17%

The current 90-days correlation between Gray Television and E W Scripps is 0.14 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Gray Television moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Gray Television moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Gray Television Correlation With Market

Very weak diversification

The correlation between Gray Television and DJI is 0.44 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Gray Television and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Gray Television. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

To learn how to invest in Gray Stock, please use our How to Invest in Gray Television guide.

Moving together with Gray Stock

0.62

iQIYI Inc

Pair Corr

Moving against Gray Stock

0.6	FLNT	Fluent Inc	Pair Corr
0.51	DRCT	Direct Digital Holdings	Pair Corr
0.49	ADD	Color Star Technology	Pair Corr
0.49	ADV	Advantage Solutions	Pair Corr
0.48	CCO	Clear Channel Outdoor	Pair Corr
0.46	TC	TuanChe ADR	Pair Corr
0.39	AMC	AMC Entertainment	Pair Corr
0.38	VSME	VS Media Holdings	Pair Corr
0.38	ANGHW	Anghami Warrants	Pair Corr
0.31	WIMI	WiMi Hologram Cloud	Pair Corr
0.58	GCI	Gannett	Pair Corr
0.54	HHS	Harte Hanks	Pair Corr
0.52	DUO	Fangdd Network Group	Pair Corr
0.49	HAO	Haoxi Health Technology	Pair Corr
0.43	LEE	Lee Enterprises	Pair Corr
0.39	EDR	Endeavor Group Holdings	Pair Corr
0.39	LVO	LiveOne	Pair Corr
0.37	CHR	Cheer Holding	Pair Corr
0.35	EEX	Emerald Expositions	Pair Corr
0.32	CNK	Cinemark Holdings	Pair Corr

Related Correlations Analysis

	SSP	SGA	IHRT	LSXMA	CMLS	AUDA	LPTV	EMMS	BBGI
SSP		0.46	-0.35	0.0	-0.47	0.0	0.0	0.0	-0.38	SSP
SGA	0.46		0.12	0.0	-0.03	0.0	0.0	0.0	-0.34	SGA
IHRT	-0.35	0.12		0.0	0.92	0.0	0.0	0.0	0.79	IHRT
LSXMA	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	LSXMA
CMLS	-0.47	-0.03	0.92	0.0		0.0	0.0	0.0	0.86	CMLS
AUDA	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	AUDA
LPTV	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	LPTV
EMMS	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	EMMS
BBGI	-0.38	-0.34	0.79	0.0	0.86	0.0	0.0	0.0		BBGI
	SSP	SGA	IHRT	LSXMA	CMLS	AUDA	LPTV	EMMS	BBGI

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

CMLS	+ 0.92	IHRT
BBGI	+ 0.86	CMLS
BBGI	+ 0.79	IHRT
SGA	+ 0.46	SSP
IHRT	+ 0.12	SGA
LSXMA	+ 0.0	SSP

High negative correlations

CMLS	- 0.47	SSP
BBGI	- 0.38	SSP
IHRT	- 0.35	SSP
BBGI	- 0.34	SGA
CMLS	- 0.03	SGA
BBGI	- 0.0	EMMS

Risk-Adjusted Indicators

There is a big difference between Gray Stock performing well and Gray Television Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Gray Television's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SSP	5.44	0.13	0.03	0.56	5.33	(7.31)	13.18	(8.30)	57.79
SGA	1.72	0.07	0.07	2.18	2.07	(1.91)	4.86	(3.30)	14.77
IHRT	4.06	(0.63)	0.00	(0.83)	0.00	0.00	7.11	(9.77)	36.25
LSXMA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CMLS	5.25	(1.01)	0.00	(12.74)	0.00	0.00	8.89	(11.11)	38.17
AUDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LPTV	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EMMS	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BBGI	2.43	(0.96)	0.00	16.14	0.00	0.00	3.39	(6.61)	13.93

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